Summit at Copper Square unsold units face foreclosure
- By Bill Gemmill
- Published 07/14/2009
A downtown Phoenix high rise development next to Chase Field is now facing foreclosure on the 74 unsold units. The developer of Summit at Copper Square, W Developments has sold 91 of the total 165 units. Sterns Bank issued a Notice of Trustees sale on the unsold units last Friday for a sale to the highest bidder on October 14th. The developer and bank could work out an agreement before the Oct. 14th date, only time will tell.
Century Plaza in midtown Phoenix is also in talks with the bank and investors about the unsold units there and is basically shut down for the moment; and one cannot help wonder how much longer 44 Monroe which has had similiar low sales figures the past year can hold out.
Century Plaza in midtown Phoenix is also in talks with the bank and investors about the unsold units there and is basically shut down for the moment; and one cannot help wonder how much longer 44 Monroe which has had similiar low sales figures the past year can hold out.
